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Enhanced Canadian Short-Term Ratings

Moody's Enhanced Canadian Short-Term Ratings are applied to Canadian-domiciled short-term rated issuers, as well as to non-Canadian domiciled issuers who issue into the Canadian short-term market. Moody's Enhanced Canadian Short-Term Ratings incorporate a three-tier stratification within the Prime-1 rating category, and a further two tiers within the Prime-2 category. Enhanced credit quality differentiation is achieved by directly linking the issuer's short-term rating to its senior-most unsecured long-term rating*. Where the issuer does not have a senior unsecured long-term rating, the senior unsecured long-term rating of the guarantor or support provider is used. In the case where neither an issuer nor a guarantor has an associated senior unsecured long-term rating, the issuer's Enhanced Canadian Short-Term Rating is P-1(--) or P-2(--), as applicable.

* For Canadian-domiciled insurance companies, the Insurance Financial Strength Rating is used as the senior-most unsecured long-term rating.

The five levels of Moody’s Enhanced Canadian Short-Term Ratings are as follows:

· P-1(Aaa)

· P-1(Aa)

· P-1(A)

· P-2(A)

· P-2(Baa)

(Prime-3 and NP ratings remain unchanged.)

 

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